Glucose Monitoring Devices Market - Research Report by Arizton Advisory & Intelligence

The global glucose monitoring devices market is likely to cross $37 billion, growing impressively at a CAGR of more than 6% during the period 2017–2023.

In 2016, diabetes was one of the leading causes of increasing mortality rate across the world. There is a high risk of cardiovascular and other diseases due to the rising prevalence of diabetes. Growing incidences of diabetes worldwide have made governments, institutions, and market players to work toward reducing the prevalence of diabetes by creating awareness about the use of home-care products for blood sugar monitoring.

Abbott, Medtronic, LifeScan, and F.Hoffmann-La Roche are the leading players in the market.

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Glucose Monitoring Devices Market: Key Vendor Analysis

The competition in the market is currently intensifying due to the rapidly changing technological environment and high investment in R&D. The market is fragmented with many global players providing glucose monitoring devices with high accuracy and compatible with mobile applications.

The global players are expected to increase their footprint in the market, with the introduction of new products in the market. The new product launches on the back of high R&D investments making the competition difficult for regional vendors. The market competition is expected to intensify further with an increase in product/service extensions, technological innovations, and M&A. Analysts at Arizton believe that global players would grow by the acquisition of regional or local players in the forecast period.

The major vendors included in the report are as follows:

Abbott
Medtronic
LifeSc
F.Hoffmann-La Roche

Other prominent vendors include Mediwise, Medisana, Ascensia Diabetes Care, International Biomedical, Integrity Applications, Hemocue, Philosys, B. Braun, Terumo Europe, Acon Laboratories, A. Menarini Diagnostics, Bioptik Systems, Dexcom, AgaMatrix, Wama Diagnostica, 77 Elektronika, National Diagnostic Products, Beurer, Alere, Senseonics, Taidoc Technology, Echo Therapeutics, Panasonic Healthcare, BD, Bionime, Nova Biomedical, Arkray, Animas, Dariohealth, Nemaura, Nipro Diagnostics, Omnis Health, Owen Mumford, Novo Nordisk, Innovus Pharmaceuticals, and Glysens.

Glucose Monitoring Devices Market: Dynamics

Smartphones and Smart gadgets to monitor blood glucose level to drive market growth

According to the World Health Organization (WHO), diabetes is one of the leading causes of increasing mortality rate across the world. With the rising incidence and prevalence of diabetes and other medical conditions on account of diabetes such as CVDs, blindness, and renal problems, monitoring of blood sugar level is becoming increasingly popular among the global adult population. This trend is also getting an impetus from government initiatives and other institutional activities in different countries across the globe.

Further, the global market for glucose monitoring devices is expected to grow over the next few years due to the use of smartphones and smart gadgets to monitor blood sugar levels and high adoption of glucose monitoring devices by women.

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Glucose Monitoring Devices Market: Segmental Analysis

Self-monitoring blood glucose monitoring devices to continue its market dominance.

In 2017, SMBG devices led the market with more than half of the market share. This segment is expected to account for a market share more than 64.5% in 2023. SMBG devices constitute an essential part of advanced sugar monitoring in diabetic patients, which contributed to the high demand in the market. The segment is followed by the CGM devices segment.

Hospitals are the key end-users that influence the global glucose monitoring devices market. The entry of these devices in the market has increased the sales of glucose meters and other products through retail stores. Although, the trend of selling these devices online is increasing, a significant share of glucose monitoring devices distribution takes place through specialty stores. Glucose monitoring devices are mainly sold through retail distribution channels such as specialty stores and drug store or pharmacies. These are also available to end-users through OEMs, e-commerce portals and online direct-to-consumer stores such as Amazon, Wal-Mart, eBay, Walgreens, Alibaba, and AliExpress. Retail sales constitute 55% of the distribution model, and online sales represent the rest 45% of the market.

Glucose Monitoring Devices Market: Geographical Analysis

North America to continue as the leading market

North America is the most significant market contributor to the global glucose monitoring devices market. The US is likely to dominate the market in North America with its 50% market share in 2017. The growth of this market in the country is likely due to increased diabetes prevalence, high incidence of pre-diabetes cases, and introduction of new product formats. Major new entrants in the market are likely to be based in the US. Increasing funding for R&D activities for the introduction of products which can be safer, offer comfort, and have differentiated functionalities, will contribute to the market growth in this region.

North America is followed by Europe. In 2017, Germany was the largest market for glucose monitoring devices in Europe, followed by the UK. This trend is expected to continue in the future, making Europe as a leading market for glucose monitoring devices.

Rising prevalence of diabetes, higher per capita income, greater awareness of benefits of blood sugar level monitoring and control on account of government and other institutional efforts, and increasing domestic sales will propel the growth of the glucose monitoring devices market in APAC, Latin America, and MEA in the next few years.

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